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the plan to ceos. will washington get its act together? how much fiscal cliff will cost you if they don't. wrote a great opinion piece, more about it. melissa: and the death toll climbing the middle east, more violence along the gaza strip, energy market are on edge, we're following this story very closely. lori: let's head back to the new york stock exchange and check in with nicole. nicole: great day on wall street. higher by about 10 points, but really you have to take it for what it is worth. there is across the board, all soaring today. the nasdaq composite don't almost 2%, all 30 dow components with the exception of intel going to reread a few times has been green. so you are seeing buying across
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the board. we have also seen bank of america a real leader on the dow jones industrial. getting an upgrade. but take a look at the other financials as well on a day when the fear index is to the downside, the dollar is weaker. also getting the opportunity for equities and commodities to take off. i look at bank of america. $9.43 per share, up over 3%. you can see citigroup up over 3%. all of these financials without arrows, guys. a great day on wall street if you're bullish and long on this market. lori: about time. melissa: president obama congressional leaders came out of the meeting with positive comments. calling business leaders in hopes of drumming up additional support. rich edson with the latest on that. >> one potential this solution
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would be towed forward to next year to ensure congress acted, to feature benchmarks and penalties, those penalties would be automatic revenue increases and spending cuts. sounds a lot like those in the . a second sequester grabbing traction. while on air force one, president obama called a handful of ceos including warren buffett, tim cook and david diamond and others. the white house searching for support for the fiscal cliff position, tax rate increases to begin in january for families earning more than $250,000 per year. process leadinthe process leadid entitlement reform next year democrats want the rate hike at the first step. they call that nothing more than a political victory addressing the problem. >> the symbolism and gestures as opposed to really trying to craft a good policy.
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isn't that a waste of time? >> this is only part of the proposed solution to address federal deficits. back to you. melissa: rich edson, thank you so much. lori: this is the most optimistic i've heard you in a long time. melissa: i was faking it. lori: you never fake anything. melissa: not very convincing, you could tell. lori: president obama and lawmakers getting right to work on the trip from asia. what exactly happens to you if we tumble over the fiscal cliff? i look at how different incomes would be impacted. your family earns around $30,000 per year, you have about $2000 increase in texas. it can make around $110,000, or family would pay $3500 after tax increases of 4.2%. and if you are an annual income
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of around $500,000 per year, you would see your taxes jump five and 2%, $15,000. you're too waiting, senior economic writer at the "wall street journal." your opinion piece, what the country needs, this is your thesis, we need more rich people that the president loves to take, not taxes from those that already exist. >> to look at the new irs statistics that came out a couple of weeks ago, what the show was one of the reasons that tax revenues are now down as low as they have been a time in about 50 years is that the number of rich people, people who are filing returns with a million dollars of income or more has fallen almost a third in the last four or five years, so if you want more money, you have to get more rich people and producing less, fewer and fewer millionaires all the time. it is a big reason we have this enormous deficit. the problem with raising these
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rates, you're trying to bring more and more from a shrinking number of hands. lori: tax revenues under bush declined also, believe this goes onto what you are describing because the economy tanked in 2007, 2008. >> go back before that. really what is amazing if you go back to 2003 with investment tax cuts started, we had a record gush of tax revenues over those four years by $780 billion. you can look it up in barack obama's own budget. the point here is if you want more tax revenues, you have to get a lot more growth. it does not matter how much barack obama and congress raise tax rates this year, we're stuck at 2% growth, you're never going to see anywhere near the kind of revenues we need to balance the
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budget. i just say something about something rich just said in his report? i am so frustrated, we will create another sequester? why won't they ever just cut spending right now? i'm getting to the point where let's just do this, do the cuts, we're spending a trillion dollars more than we are taking in. what does every household do, every company do, they're cutting expenditures. lori: we need more growth, that is a problem, obviously the big fear of tumbling off the cliff. >> let me correct you right there. this is one of my pet peeves. if you cut government spending, that is good for the economy, not bad for the economy. the reason i get frustrated if everybody else gets this wrong. return the other networks what
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they're talking but it's oh, my gosh, cannot cut government spending. that is what got us the stimulus bill which was oppose posted tot down to 5.5%. lori: let's talk particulars. you referenced some middle ground possibility that increasing the threshold. what is the likelihood of that? >> i'm not endorsing that. just talking what options people are talking about. i think that is a possible middle ground position. mother possibly to think about is maybe separating out the tax rate that is imposed on business income, somebody like lebron james could pay the higher rate but those with business income would pay a lower rate.
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melissa: come back on soon, please. lori: another sequester, kicking the can down the road. melissa: israel expands the scope of activists to more densely packed areas. death toll nearing 100. hamas leaders calling for israel to end the attack in egypt along with turkey have stepped attempts to grover a peace fire. they're looking for a cease-fire to egypt today. israel began missile strike last week in response to a month of rocket fire from the gaza strip. tensions have libya on the rise as well. it is sitting at a four-week high right now, $89.61, just a shade below $90 per barrel. lori: i wonder that is already priced in or if we have more bullish, it'll be a tough couple of days.
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stocks are up big. we are keeping an eye on intel, time to step down. we will get investor reaction to that. melissa: in the market for a new computer? will it be a macro pc? and talking about oil, but it is doing very well today. silver the winner on a percentage basis of almost 2.5%. we will be right back.
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melissa: it is time to make some money with charles penn. this hour he has an apparel stock that is showing some real action today. charles, aren't you afraid to make money right now? the government will take it from you. they will show up and take it right out of your pocket. charles: i agree. it is hardest to go the safe route these days, get 3% dividends. i think ironically some of the things that could happen is the economy, the market gets less volatile. the condo will not go in the tank overnight. america will not collapse overnight, but i think there's more pressure actually on the stockmarket becoming the only place you can go if you're looking at even slightly upsides.
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i don't know if you own any of them, but the uggs. lori: bear lake $180 per pop. melissa: i have boys, test them down. charles: sheepskin prices have gone up 80%. by the same token, because they really had to milk, they had to milk you if you like uggs. they realize that about a month ago. bringing the prices down, they will be a see-through on this on the holidays. i saw at the airport yesterday and i got back last night three women in three different age groups with them on and one guy. the stock could be a value trap, one reason i mention it is if you're a trader, looks very attractive, if your long-term
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the kind of want to wait to see if they get execution backup. the overall sales are down, but we might actually get somebody who works for me says over the weekend the line was out the door and around the corner. so listen, buy low, sell high, there's a lot of upside. the stock is down dramatically. they also had the sandals. anyway, uggs. take a look at it. i like the way it is acting today. melissa: we were uggs and everybody thought they were hideous. now everybody is all about them. you in a bathing suit wearing uggs. there is picturing?rybody out lori: torn jean shorts and uggs.
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melissa: charles payne, thank you very much. as with every 15 minutes, nicole petallides on the floor of the new york stock exchange. intel hitting a 52 week low. with their ceo stepping down in may. nicole: let's take a look at how intel is fair and right now. a 52 week low today. it had been in positive territory at one point but back-and-forth the only dow component that has been in the red today on the day the dow was doing so well. intel under pressure right now down about $0.05, down a quarter of 1%. announcing this morning that he will retire in may. looking internally and externally. looking around to find out who will be the clear successor of paul otellini, but there is no clear successor. intel has had a challenging environment that only for intel, but for the tech world. melissa: thank you so much. lori: so long microsoft, hello apple. a survey of pc users on how they
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feel about microsoft versus apple products. overall, 60% plan to buy a new computer. of those, 42% plan to buy an apple product instead of a pc. only 9% of people said windows 8 is motivating them to get a new computer. microsoft's latest operating system. a survey conducted a day before windows 8 was released and since the launch microsoft has not released sales numbers on windows 8. those are devastating findings for microsoft. melissa: we switched over to a mack household. lori: on behind the scenes of the fiscal cliff talks. the latest time under my deal will get done and who is running the show. charlie gasparino joins us next. melissa: step back off the ledge, twinkies are expected to survive. the hostess brand in court
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today. the latest on that just ahead.
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>> 21 minutes past the hour, and lorne greene with your fox news minute. the bloodshed rages on along the israeli border as attempts to negotiate a cease-fire. a source close was really prime minister that yahoo says israel is planning a ground invasion but prefers a diplomatic solution. they say w israel has to given o certain demands. german officials that turkey is about to formally request missiles to defend against syrian attacks. claiming if approved missiles would be for defense, not creating a no-fly zone in syria. syrian rebels have called for a no-fly zone following the continued airstrike. and new developments in the search for possible new york city serial killer. the fbi and n.y.p.d. now looking for four potential witnesses after they respond on surveillance cameras around the
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area. the three victims were all middle eastern shopkeepers. those are your headlines. back to lori and melissa. melissa: president obama may not want anything to do with simpson-bowles, but some members of congress do. charlie gasparino on the behind the scenes effort played by the debt reduction partner covert the dreaded fiscal cliff. >> we should point out that they're meeting with legislative groups to craft a potential deal. going to numbers of congress to say here is what we think you should do, here is how it should work. here's the problem, this deal, whatever is being done here is basically being held by fairly y tightly by the leadership. republicans, nancy pelosi and reid on the democrat side. very little involvement with
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anybody else. that is the one thing that bowles and simpson have. obviously they know people in the leadership, so it is unclear exactly how much influence these guys still have even with republicans attend to like bowles and ellen simpson. president obama wants nothing to do with either of them. he's holding fast to get them up. talking to legislative aides, they tell me no deal this week, nothing before thanksgiving and here is the question. when after thanksgiving? who knows, maybe they will intervene and will part the red sea. at least get an extension, but what i'm hearing, does not happen. here is the real issue, guys. the pressure on them mount is of course christmas comes. a huge selling season, huge for the economy. if everybody believes that taxes
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are going up, a fiscal cliff across the board tax increases, that'll be a real problem for the economy. and the leadership knows that. once thanksgiving is over, the clock starts ticking big-time for these guys and they know it. there's a lot of moving parts, bowles trying to work with congress, the administration sticking to its guns on taxes, republicans almost conceding right now of tax increases and i'm telling you, the thing i keep on hearing is millionaires tax. you make a million dollars, that is where the upper rates really kick in. a family of four in long island is not quite warren buffett levels, far from it. it is a moving target and the other thing is it is being closely held, hard to squeeze information out of people right now. melissa: is a chance it is hard to squeeze information because there is not that much? they're light and details at this point? >> there are active
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negotiations. i don't think john boehner is sitting there, nancy pelosi is on the other end going no tax increases for the rich. i don't. lori: is creating another sequester. >> just wish it out a little bit? melissa: bigger, batter. -- badder. >> if they kick it down the road, to the tax rates stay in place? lori: that wasn't addressed. we need to exhale, lest the new congress come in and just -- >> the new congress is a lot like the old congress. lori: give policymakers a break because we're still so he did.
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>> the last downgrade did not matter much. this downgrade could, who knows, but i am saying we can n could o longer have a split rating the u.s. would be below aaa, and that hits the initial contract operate differently. world market might become a little bit more unglued. i will say this, based on that list what we heard late last week summerlike compromisers can make it do feel that bowles and simpson are in the middle of that. they're about compromise, it cutting a deal in getting through this. so we will see. melissa: charlie gasparino, thank you so much. >> can only give you what i'm getting through reporting. lori: wal-mart moving up the dividend, paying off the dividend to help investors avoid a tax rate. it does not matter what you're
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talking about lately, it all boils down to what happens with the fiscal cliff. melissa: more good news for housinhouse after surprise jumpt month. we get anthony sanders take on that. i bet he has something to say on the fiscal cliff.
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lori: i guessed investors are sick of selling. as we do every 15 minutes, it is time to head back to the floor of the new york stock exchange. nicole: we have had so many ceos
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expressing fiscal cliff worries. in this case, walmart coming right to the forefront and hitting the nail on the head with this one. they are moving their dividend payout for the quarter to the end of december. the reason they are doing this dividend payout in december is because it is all about the fiscal cliff. what they are saying is good for their shareholders, right. the tax rates would be higher in the new year. they actually put out a statement regarding that just saying fiscal and tax rate issues are the reason they are doing it. if in the next few weeks, this isn't settled, this is the move they wanted to do. back to you.
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lori: fascinating. it all comes back to the fiscal cliff and we knew it would. that is the problem. thank you. melissa: positive news for housing today. existing home sales unexpectedly climbed. homebuilder sentiment rose to its highest level in more than six years. how solid is this recovery by fax we are really just five to 2007 level. you have to start somewhere. >> it has taken all of these years just to get back to 2007. the homebuilders confidence index is still below 50. we still have some work left to do. melissa: we definitely have a
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lot of work left to do. have we stocked up enough funds to feel like we have put in a bottom and we are now working our way out the other side. existing home sales, that is always really positive. what do you think? >> you just talked about it before with charlie gasparino. the fiscal cliff. i like to call it the fiscal foothills. once we clear that, we still have this set he'll that is not solvable. twenty or more of them hitting everybody. when households get a load of all of these taxes increases, we may see a little slowdown in the housing recovery. melissa: it seems to me by virtue of the election, people do not realize that.
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they don't realize that obamacare needs a massive amount of task taxes. people are really naïve about what is coming at them. >> that is true. i felt like yelling to the entire place, do you know what will happen to our taxes? of course, that is illegal and i would not do that. this is sort of this law long land that we can keep spending and spending and harling and borrowing. melissa: no one will ever have to pay the bill. all you can do is hide your money for a period of time and hope that maybe at some point in the future, you know, other
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sentiment prevails and we are not out taxing everyone to death. the fed is giving away money so you can borrow really cheaply. why wouldn't you buy a property that you know you want to hang on for five or ten years. >> i think that is a good argument with housing. the protection bureau will be making it tougher and tougher for banks to want to loan people money. the rules and regulations you have to go through. compliance rules will be staggering. we will see how many lenders really want to participate in this market. melissa: i guess we are moving to bermuda. i will see you there. thank you for coming on. we appreciate it. i try to be positive. lori: breaking news. there is a five hour energy drink. there is all sorts of controversy around them.
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the maker of the five hour energy saying it has recently discovered counterfeit five hour energy products circling in the economy. i think we are showing you the real five hour energy. we do not want to be wrong here. we are talking about reports of alleged fake ones. luckily, no serious adverse events have been reported. federal authorities are researching this. just be careful. melissa: anyway. lori: grilling the obama administration of its promise on transparency. lou dobbs joins us ahead. melissa: the s&p having the best to date gains in months. we are heading back to the new york stock exchange. look at treasuries as we head out to break. we will be right back.
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and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. >> i am robert gray with your fox business brief. the rally on wall street continues sparked by optimism over the fiscal cliff. better than expected reports on the housing market. the dow is up 162-point right now. intel ceo and president will be stepping down from his post next year. after nearly 40 years with the company, he will retire in may. they are in the process of
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choosing a successor. they will look at internal and external people for the jobs. the sunday telegraph reports that companies are discussing the possibility of working together on search functionality. this may put him in two yahoos current deal. that is the latest from the fox business network. giving you the power to prosper. ♪
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melissa: the obama administration facing challenge over its promise of transparency. then there was the general petraeus scandal. now a congressional committee is launching an investigation into the top official. lou dobbs joins us now. lou: the fact is we do not know
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how many others have these secret e-mails. thanks to the folks at the competitive enterprise institute, they have been trying to track down exactly what lisa jackson, the head of the epa, has done. stealthy stuff, really. a little disturbing. more than a little disturbing. we have a government that is now basically saying that we will operate outside of channels, public channels. we will operate on the very same policy issues making the very same policy decisions, but we will do it out of the side of organizations and think tanks. of course, congress, itself. they are demanding all of these so-called other accounts. they are private e-mail accounts.
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lori: unbelievable. i was just going to say it is the latest in a long list of questions. especially, questions that came after the election. the petraeus affair. let's start there. lou: interestingly, that does not explode until he authorizes a public statement and a timeline for the cia. this all blew up i think it was 24 hours of his choosing to do so. it looks for all the world like a huge payback by the administration against him. it looks as though there has been a significant period of coercion. it is not out right blackmail against the cia director. he made statements that he had recanted. he has put absolutely 180-degree statements from the original
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statement he made to congress within three days of the september 11 benghazi attack. this goes on and on. here is congress beholding and content the attorney general of the united states for the first time ever in court and not a word or people about it it seems for weeks at a time. even though it is historic in that this is an administration that refuses to cooperate and be forthcoming to the details despite the year and a half long investigation by the inspector general of the justice department itself. if that was not for darrell issa and senator chuck grassley, we would know nothing about what was going on there. melissa: i know there are a lot of viewers following this very
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closely. i wonder what% of the population is not. lou: i think there is a sizable percentage. melissa: i love that we can see blue every day. [talking over each other] lou: how many junkyards have you seen recently? melissa: just on cartoons. you are going to have douglas holtz eakin on this evening. lou: i am thankful for your
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continued support. lori: it is quarter tale. time for nicole petallides at the stock exchange. nicole: a day where the s&p is up 1.5%. let's take a close look at these names. we will look first at lowe's. they hit a 52 week high today. they came out with sales and profits that beat the street. they have been doing job cuts. they have been expanded. the other side of the coin is that their storm sales still live. they really are second compared to home depot. of 6.5%. take a look at tyson. tyson foods within of arrow in
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leading the s&p 500. back to you. lori: thank you, as always. the move would force hostess to lay off its workers. they are seeking to pay off money and incentive borrowers. they are considering making bids for famous brands such as the twinkies, wonder bread. many are trying to cash in on the situation. some even selling twinkies on ebay for $100. melissa: i love twinkies. lori: black friday or cyber monday. which will be a bigger day for retailers kraft. melissa: the stunning new report of how much we eat. take a look at some of the
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winners today. the dow is up 152 points. you can see green dotted coffee reading the charts. almost tempers that. ♪
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the soil oil dancing to a four week high. speculation that the u.s. congressional budget has been constructed. sandra smith is following all the action at the pits of the cme. sandra: by far and away, oil is the biggest story down here on the floor. as i look at them, dan, we are up nearly three fox.
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isn't this all the middle east? >> it is a little bit of both. the talk of compromise is certainly helping. sandra: what does this mean for gasoline prices reflect it is funny how fast it will go off when you see a spike in how slow it goes down. it is about $3.53. if this keeps up, you will see it at the 375 level. sandra: if the middle east was such a severe concern, we would be way higher. is some of this the cliff playing out? >> most definitely. if you could take the middle east out of it right now, this would be followed $79 a barrel. the big thing is it is not so much the middle east, but the fear of contagion to the
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oil-producing areas. sandra: guys, that is really key to what i have heard from traders. it is that key from contagion. melissa: sandra smith, thank you so much. lori: that friday is almost here. retailers hoping to lure you to their website. adam shapiro is here covering the story. i am so old school, i cannot shop on my smart phone. it is too small. >> you turn it sideways and then it is bigger. lori: like i said, i am old school. >> online sales expected to reach new records. as we take a look at video of people shopping for the holidays, keep in mind there will be 147 million people hitting stores on friday. that is down, by the way. last year it was like 151 million people. here is what we will spend.
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$586 billion. that is a new calculation. they are using a new formula to calculate how much we will spend this holiday season. it is not that we will spend 115 billion more, it is that they are using a new formula. second, how much will you spend? melissa francis, how much do you think you will spend? melissa: a couple thousand. street cleaning rules $749 is how much the average person will spend. cyber sales $96 billion this year. the new thing that got added to the retail federation, auto parts. nothing says loving like a carburetor.
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it may not run, but -- lori: i thought you're going to say something like fine wine or whiskey. [talking over each other] lori: you have to eat a lot of turkey. 204 million pounds of it. that is not how much americans will consume, it is how much we will waste. $282 million, according to the defense counsel in the u.s. melissa: not at my house. lori: a 21.5-pound turkey yields about 8 pounds cooked meat. if you purchase 1 pound of turkey per person. your average guest will eat 4 ounces or a quarter of a pound of that. melissa: no way.
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lori: i am coming to your house. melissa: i do not know where they got those stats. that is ridiculous. art laffer will be on "one he" tonight. we are all about solution. we will come up with solutions at 5:00 p.m. eastern right here on fox business. and lori rothman is coming up tonight. lori: they should be listening to you. no can kicking allowed. we will hear whether both sides can reach a deal. he will join tracy byrnes next. do not miss it. ♪
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melissa: the market hanging on. up 160 points. it is not that much, but it has been down so much that we would celebrate anything. lori: we were talking about it for days it seems to come. then i think they are good. melissa: we had a guest on that totally disagreed. tracy: lori and melissa will both be on together tonight. they are all up over 1% today. stop the bleeding from several down weeks. will this rally hold back that
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is such a key question. is now the time to buy? we will talk with one analyst who just is not sold on this whole recovery. the future for hostess could be decided at any moment. the bakery goes before a bankruptcy judge this hour. we'll be forced to liquidate. we will bring you the very latest as soon as we hear. first, it is top of the hour. it is time for stocks. they are in rally mode. nicole petallides on the floor of the new york stock exchange. it is easy to come to work on a day like this. nicole: you are just hoping that it is going higher. everybody would be very happy with a 1.5% gain on the major
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averages. we certainly have a winning day here on wall street. existing home sales are better. those have been doing well. you have the ceo of intel saying that he will retire in may. that is something we will continue to follow. who will be his successor. bank of america has been doing well. it has been a stellar performer. a lot of the banks have of heroes. we will also take a look at walmart. we talk about walmart, moving their dividends to be paid out in december so that their shareholders will not get hit with a higher tax bill in case the fiscal cliff.
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tracy: thank you very much. wall street appears more confident. washington still is working out all the details. there are many to work out. rich edson on the story in washington. you pointed out congressional leaders are on vacation. this could drag out to the very last moment, couldn't it? >> it really could. negotiators are focusing on a process that would set revenue and spending targets to bring down the deficit and then next year lawmakers would fill in the details to tax and entitlement reform. plenty of negotiations next year. one potential aspect to all of this, automatic revenue increases and spending or entitlement cuts if congress fails. that is right, another sequester to turn off the so for sure.
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given washington and wall street frustration with that sequestration process, the likelihood of a second is still uncertain. bob brightfield speaking to the brookings institute. he is asking both sides to figure this out. >> we must decide because the process of delaying the dead of reckoning is hurting our economy today. we do not see it, but it is hurting our economy and our businesses. that is scheduled for sometime after thanksgiving. talk to you. tracy: is sequester for the sequester. it is confusing.
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it sounds like a sunday comic strip to me right now. thank you very much. >> thank you, tracy. tracy: more on this fiscal cliff and whether or not we can expect a deal by the end of the year. gerri back, everyone thinks we will get a deal. the only thing that we know is we have had constructive talks. >> the body language is different. everyone got together at the very top. they literally joined arms, to some extent. that is different than what we sell a year ago when there was a failure in the summer of 2011. i think everybody agrees, generally, on what rich was just referring to.
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you get a down payment. you do not solve the giant deficit reduction package in a couple of weeks. you make some symbolic down payments on revenue increases and spending cuts. set targets and told a congressional committee to do their jobs. the elephant in the room is the one i cannot figure out how to get around. the white house says that we will not go into next year unless the top tax rate has been raised. everyone else's is locked into place at current levels. the republicans who say we will not raise tax rates. how do they get around that problem. that is really what it boils down to. tracy: okay. i think the american people are just overall annoyed that we are even down to this. i agree with you, let's kick the can into next year. we knew that this was happening all year long.
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if we kick it into next year, it could take all of next year to solve this problem. >> may be and maybe not. i have some conversations with people on both sides of this over the last door so. i said, how are you going to do this? we spent six months last year going back and forth on this. there is simply a need to have an agreement. you can play around with the tax rate increase on upper income americans. maybe people over $1 million not $250,000. there are obvious ways to create a compromise if both sides want to do that. tracy: the problem is, though, compromise will not be the word used. it will be the republicans caved. it will come out better at the
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end. i think there will be deductions on the table. i think we will see a lot of changes at the end of the day. it will not be pitched to the press that way. >> i think it depends. i think it depends on how republicans are describing what they do on their own terms. let's get past a fairly sterile debate about a tax rate that is temporary. let's get to a real tax form debate. lower rates for everybody with a better less expansive set of deductions. then you can have more revenue with lower rates. that is the pot of gold at the end of this rainbow. you have to get from here to there. you have to have the politics right between now and the end of the year. tracy: i love your optimism. thank you, sir. >> thanks. tracy: coming up, a federal
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court could wait and any moment on hostess request to liquidate. plus, more glimmers of hope for housing, but one homebuilder analyst is still really cautious about the future. first, as we do every day at this time of day, we have to check on oil prices. up $2.65. we are at $89.57 on the barrel of oil right now. your battles, gold, silver, copper, all of as well. we will be right back. ♪ [ male announcer ] the markets keep moving. make sure the news keeps coming with thinkorswim by td ameritrade. use the news links breaking stories with possible breakout stocks,
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tracy: it is that time of day. we had to make money with charles payne. he will add a little sparkle to your portfolio. charles: you know it is always funny -- [ laughter ] tracy: jewelry shopping in the mall. charles: zales has come back a long way. a lot of people that find out they would be out of business. they only lost $0.61. the street has been rating guided big time for the next fiscal year. i will either look very intelligent or very stupid.
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one of the ways you can say it is up 228% from a recent low. it has collapsed. the other way to look at it is if it closes above 7.5, it could really be off to the races. believe it or not, this was a $34 stock back in 2005. this really is one of those amazing home runs. i am learning towards spectacular home run. tracy: we are going to do a story with gerri willis in a little bit. it could bode well for your stock. charles: people stop charging. they have been using their debit a lot more than credit. when people are feeling better, they say consumer sentiment is that it will take your high.
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bills. charles: why should they start paying their bills now? [ laughter ] a nice way to start off the day. it does not really mean a whole lot. everyone -- this is a way of wall street saying, guys, you are moving in the right direction. people must be reminded after the debt ceiling, the market did not collapse until after a deal. tracy: you said that last time. charles: see you later. tracy: as we do every 15 minutes, we go back to nicole petallides on the floor of the new york stock exchange. nicole: there are a lot of retailers to talk about. i will take a look at lowe's and best buy. two names that have been in the
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news. lowe's has come out with their same-store sales and numbers. they have raised their outlook. they held off on some expansion. as a result, lowe's has really been a winner. the housing market has improved and hurricane sandy help them as well. then there is best buy. a name that has been very volatile. the founder, who used to be the head of the company, whether or not he would move ahead with his ideas. now, there is talk once again that the ceo and the founder may in fact meet over the next couple of weeks. with this talk, you see it up 1%. back to you. tracy: moving up. we will take it. we will see you in 15 minutes. this is a terrible, terrible story for america. hostess do and federal court this hour.
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plans to liquidate. the 82-year-old bakery announced last week that it will have to shut down 36 plants around the country after union workers refused to agree. a shutdown would kill 18,000 american jobs. some are hoping a last-minute buyer will sweep in and save them. previous potential buyers have been turned off. fox business will bring you the very latest as the story develops. it is almost shameful. president obama's big win latino voters has sparked some soul-searching in the republican party. will the gop change it stands kraft here is how the dollar is moving right now. a dollar up against, basically, everything.
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we will be right back. ♪
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>> i am lauren green with your fox news minute.
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the white house a president obama stressed the need to end, record fire. the israel is recorded 42 missile hits today alone. one hundred targets were attacked in gaza today. new york city department of buildings reportedly citing homeowners of homes in breezy point of a queens, after super storm cindy ravitch that area. one violation was figured to maintain the building. let's take a look at this video. capturing the immediate aftermath of that black oil rig explosion friday. authorities are expanding their search for the body of the last missing worker. a search and rescue dog is being routed today. those are your headlines. back to tracy. tracy: thank you very much.
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the republican party is doing some soul-searching in the wake of their recent losses at the polls. a big issue is the latino vote. our very own peter barnes is here with the very latest on that. peter: 12 million more latinos turned out to vote in 2012. over 2008 most of them voted for president obama who supports comprehensive reform. the latino vote has tanked since it peaked in 2004. president bush who supported reform ran for every election. mitt romney getting 27%. now, post relaxing, or republicans are winning up to immigration reform. >> what we need is a demand base that allows companies that cannot find american workers to bring the foreign workers that
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they need, as many as they need. peter: marco rubio, the son of cuban immigrants is trying to get the kickstart of immigration. children who were born here should be given the cells, they could eventually become citizens. tracy: peter barnes, thank you very much. reports on housing kind of lifted sentiment on wall street today and provided the latest sign that maybe the recovery in the housing sector is on positive footing. my next guest does not seem to think so. financing or the lack thereof could be a threat. you do not buy these numbers? >> housing is improving. prices are up year over year. demand is up. in some cases, prematurely.
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with that said, we are a long way back to a normalized market. they be 305,000 new homes this year. we are moving in the right direction. housing is far from being back. tracy: it seems like it is two separate stories. the housing market and the homebuilders as a stock. they are fundamentally, you think they are tough. >> we think they are very expensive. when you think about that, think of 1.4 million homes in 2005. drastically different credit market for mortgage credibility. we are well, the stock surprising any equity prices in the potential.
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we are so far beyond prior peaks. tracy: you also look at the regional banks. who the heck wants to loan money at these rates for 30 years. >> the mortgage perspective. if you look at the run from 83287, easy egress -- credit was easier. it was easier to get a mortgage. the demand characteristics will be different as well. beyond that, under dodd-frank, physically, more capital against a higher loan-to-value mortgage. they do not want to do that. tracy: it is less money to give out. >> it is a less profitable business. whether it is new capital rules, banks just do not want to make those loans for people.
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tracy: we were just talking that the fha may need a bailout. jeff, i am glad you showed us, got behind the roasting is. everyone was just a little too happy about this today. >> thank you. tracy: new signs that american consumers are being more confident about the american economy while companies on the flipside are not. gerri willis will break it down for us. let's take a look at some of the winners and losers as we head to break. tyson foods is up. people buying meat in anticipation of thanksgiving. apple rebounding nicely also. cablevision systems, one of your losers. down almost 2%. we will be right back. double vocal
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tracy: we are waiting. 30 past the hour, let's get a check of the market with nicole the floor with the market holding on. nicole: just seeing the trends that we are seeing right now. not sure to make people expected a day where the market are up 1.5% for the s&p 500. there are people waiting for the pullback to buy. did they miss it, what is it? >> they probably did miss it in the short term. the market in the temperamental nature is reacting positively. we have had the market oversold for a very long time now, seen a spate of good news you get will rally further. nicole: what are you referring to in particular? >> it is all just headlines
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right now, but at least the politicians are looking like they are playing nice in the sandbox for now. the housing numbers continue to improve. if you look at the chart of the housing indexes and economic growth, maybe we will get some more substantial growth inside of our own economy. nicole: that actually sound cautiously bullish. what do you think about other industries? you said that correlates to the market, anything you're watching for the next couple of months? >> every sector since the middle of september have been beaten down. a couple i have been looking at are the industrials and materials. they will be the ones most affected to avoid i avoiding thl cliff. the other thing you have to look at with the u.s. economy is something to look at today, the small-cap stocks are following through on this. if we avoid fiscal cliff, they will perform well.
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nicole: that is actually good advice. how about a santa claus rally? >> you always look. there is so much coming at us, it's harit is hard to call a sas rally yet. nicole: we will see if we hear any jingle bells coming. tracy: that was the most hedged answer i have heard all day, nicole petallides. some breaking news on hostess. robert gray with the details. >> don't put away the hostess twinkies just yet, court case goes on. hearing from bankruptcy court judge, they have gone of course looking to wind down the company basically hostess brand's lawyer saying it would be very hard to recover from the damage even if they were to be in agreement in the near term talking about with the bakers union shuttering last week after failing to reach
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concessions from the bakers union. they can no longer afford the operations along with the heavy debt they're saddled with flairr filing for bankruptcy to liquidate. the bakery union lawyer saying they have been crystal clear as to what they believe will be done. fiscal cliff closer to these two sites. also, because the judge urging hostess, unions and lenders to come to an agreement in private mediation. the bankruptcy judge does not have the power to a join a strike, but it's financial penalties. one of the possible suitors to keep the twinkies and ho ho's alive. shares up 6% today. they jump on friday as well, as you can see on your screen right now.
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the judge wants them to settle it in mediation. we will see if they can get it done together. tracy: about losing my job because of the union union, i we so mad right now. >> will have to see if they can cook up an agreement. tracy: not to mention the loss of the twinkie. thank you for all that. oil surging today as tensions escalate in the middle east. crude of dollars 36. at $89.28 per barrel. that is a gain of nearly 3%. okay, so in what may be a sign of rising consumer confidence, i don't know. and report showed consumers are using their credit cards weigh more than it did a year ago. credit card debt borrowed rose nearly 5%. gerri willis here with us, saying that ceos are not feeling the same love. >> there's a disconnect between wall street and main street, you could say. many ceos say they will hold back on spending plans, hiring,
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they are not expanding because they're afraid of the fiscal cliff and the impact might have on the economy. average credit card debt of 4.9%, almost $6 shy of the $5000 the average family, which is pretty high. you should know the number of cards issued by banks is higher, that is not a small thing. up about 3%. when banks put out credit cards, they take their credit cards. tracy: at one point we were getting them every day. and then it stopped. now you say this back. >> here's what i think. ceos are more focused on the bottom line. they have people looking into the fiscal cliff warning them about what could happen, they're trying to figure this out on their own.
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they actually came from the second quarter, lot of people not in touch with effects pack x rates may go up and you may mayy be in a recession. tracy: we have frugal fatigue. you want to go out and buy some stuff. >> it is difficult for americans to stay on the straight and narrow path, we are the economy. we don't spend, where two-thirds of spending the economy goes. >> the numbers could be drastically different from third quarter because all we were talking about was their taxes are going up, people can definitely be hunkering down. >> consumer confidence is through the roof. people have been looking, they want it to be. just as you said. tracy: gerri willis, don't miss "the willis report" tonight on
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fox. what are you talking about? >> we have a great show. the governor will talk about the fiscal cliff, examining that. they look and they were to turn to deductions like what the average deduction is for people, how much you can lose in the whole fiscal cliff conversation. tracy: watch tonight is a clock to 9:00 p.m. coming up, twilight dominating the weekend box office with the help from a surprising fan base. the guys. dennis kneale is on the story next. but first as we do every day, look at the 10-year and the 30-year treasury up. your 30-year as moving as well also up three basis points. 2.76%. we will be right back.
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>> i am lori rothman with your fox business brief. the bullish tone continues, the dow up 166 points right now. sparked by optimism on the fiscal cliff negotiations. better-than-expected reports on u.s. housing. also pushing the market higher. u.s. embassy court judge urging hostess the union an union and o come to agreement in private mediation rather than having a public hearing. we decided on friday it could not make it identity restructuring. apple is the most successful retail store according to the retail institute. the tech giant saw the rate of more than $6000 per square foot of floor space.
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tracy: it is over. the last installment in the hugely popular twilight series "twilight: breaking dawn part 2 hit theaters this weekend. how did the film fare at the box office? did you see it? >> i did not see it, i'm not going to see it. the fifth and final element of the vampire saga as the u.s. itself is over weekend, "twilight: breaking dawn part 2" opening overseas push in worldwide box office up past 340 million as a record global opening for the "twilight" flicks. the top films this past weekend, james bond film coming in second the second weekend in release. now, "twilight: breaking dawn part 2" is the third "twilight" entry to
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join the best opening weekend of all time, but failed the best, "new moon" the best opening in the series. the most recent films double the take of the original "twilight" bakken '08. lions gate has big hopes for the second film in "the hunger games" series due out next year. a second franchise and the teenage girls and movie vampires are especially hard to kill. "twilight" may live again. lions gate paid $400 million earlier this year to buy the small studio behind the "twilight" and may yet try to conjure up any storyline for another sequel. tracy: men are going just to get lucky at the end of the night. >> i think they're going there to meet women.
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if they come up with the right money, the author will write something, i am sure. tracy: there is always another career. >> what i would give for the abs of the guy on the left. he is the werewolf. tracy: i have never seen spongebob, have never seen "twilight." a quarter until. we have to go down to the floor of the new york stock exchange. nicole petallides, the tech stocks moving. nicole: still recovering from the twilight picture. the dow jones industrial is doing so well, off 170 points right now. a great day on wall street, gains across the board, sector to sector, i wanted to take a look at tech in particular focusing first on apple.
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a wall street darling over $700 in the middle of september only to see a pullback. it has been under pressure over three months apple down about 18%. down eight weeks in a row. a big name that we all know. but today, there you go, up six and a quarter percent. bouncing back after selling off. also wanted to take a look at cisco systems. they're buying this one. i talked about this one earlier today. $1.2 billion for this one. this obviously adds to the portfolio of wireless networking technology and so that will be good news. up 1.7%. that is a dow component. the only one under pressure is the intel on the news of paul otellini stepping down and
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repairing. tracy: have you ever seen "twilight"? nicole: no. i don't see anything. tracy: i am with you, i've lost control the remote in my home. it is espn and girly things only. nicole petallides, we will see you at the top of the hour. oil prices spiking on the violence in the middle east. senator smith live from the cme next. and they look at the winners and losers. nicole gave us a bunch over on the nasdaq, green mountain coffee roasters up. nicole mentioned apple, research in motion also up 6.5%. we will be right back.
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tracy: violence rages on in gaza strip as expand the range of their attacks against the activist. more civilian casualties are being reported death toll nearing 100. leaders calling for israel to end the attack and egypt stepping in when it comes to broker a cease-fire. officials from both sides are expected to present their conditions of the cease-fire today. israel began the missile strikes last week in response to months of fire from the gaza strip. the violence and searching oil prices. sandra smith followed a it all t the cme. sandra: it is a big mover today. says it is the story down here.
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why? >> most will think crude oil is up because of what is going on in gaza, other things because of equity strength. after the election when crude come equity market sold off, crude oil did not budge. last week i have been writing about it constantly, last week you saw a huge move me forward spread. when that starts happening that tells the end-users say give me the crude right now. that is where to start getting lonalong and you see that happening. >> will we work our way back into the 90-$100 territory which mark >> i like buying it on breaks, now that the election is over i just don't see, the government will typically buy on the spot market because they won't leave everything they can in storage. surprisingly storage numbers start dropping and crude oil rallies to $90.
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sandra: consumers they does that mean higher gasoline prices? $4 again at the pump? >> it would not surprise me. there is just no real reason to sell it. >> the ultimate trades to buy on the tip an dip that comes to oil prices. >> i will watch the forward spread, as i see it continues, drawing inventories out of storage, that is not a market you want to be short, no way. sandra: how would you describe the tone of traders on the floor? >> call it a bit of disbelief, sit back and kind of take it, i think. sandra: thank you for joining us. i will hand it back to you, a sentiment you here reverberate down on the trading floor. tracy: $95, sandra, i am feeling it already at the gas pump.
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sandra smith at the cme. equities up today, session highs right now. actually up a little bit higher. all right, we have a merchant class and gdp growth rate more than double the united states in india. one of the largest populations in the world, some valuable investment opportunities down there. joining us now, chairman and cofounder with more on the real estate market in india. india a lot of people are not sure what is happening. is it still considered an emerging market? >> sure. think you for having us here. as you said, gdp growth in india has been averaging 6% last several years. there is an emerging middle
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class that has growing incomes and the employment rates are up, so with the growing urbanization and with the recent government reforms on foreign investments, we see real estate as a great place to be. >> you have about $2 billion in your fund, private equity investing in housing in india. first of all middle class shrinking a little bit. we were seeing a big differential. >> middle class is growing. so in fact compared to china you have growing organizations close to 30%, likely to go up where china is at 50%. as we have seen employment growth, we've actually seen incomes expand.
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tracy: are you building apartments, condos, renting them, are people buying them? >> as mortgages have gained in terms of penetration, we have been building communities, large residential complexes that are basically we have global architects, so it has been largely residential. tracy: another fund is private and you don't disclose how well you have done, but can people invest in this fund? can i get into it if i'm interested? >> we have blue chip investors, sovereign wealth funds, and so we would gladly take your investment. and secondly even though we are private and we don't actually disclose our performance, we
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have seen prices of the end product up quite sharply. tracy: it is an interesting place to start looking outside of the united states. thank you for being here with us. >> thank you. tracy: all right, wait until you see what is next. game central setup. set up. shares of game stop hitting a new 52-week high one day after nintendo launches their new wii-u system. holiday sales go for game stop? joining liz claman i thought this is exclusive. "countdown to the closing bell" is next, don't go anywhere.
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Markets Now
FOX Business November 19, 2012 1:00pm-3:00pm EST

News/Business. Business news. New.

TOPIC FREQUENCY Us 10, Israel 7, U.s. 7, America 5, India 5, Obama 4, S&p 4, Ameritrade 4, Sandra Smith 4, Gerri Willis 4, Nicole Petallides 4, Charlie Gasparino 4, Washington 4, Bowles 4, New York 4, Cme 3, Nicole 3, Egypt 3, Lou Dobbs 2, Charles Payne 2
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